Title
Resolution - A Resolution to Approve: (1) Assignment, Consent to Assignment and Assumption of Waterpark Ground Lease and Operating Agreement; and (2) Ground Lease Estoppel Certificate, Consent and Amendment.
Requested Action
Consider approving resolution to approve Assignment, Consent to Assignment and Assumption of Waterpark Ground Lease and Operating Agreement and Ground Lease Estoppel Certificate, Consent and Amendment
Recommendation
Approve Assignment, Consent to Assignment and Assumption of Waterpark Ground Lease and Operating Agreement and Ground Lease Estoppel Certificate, Consent and Amendment.
Description/History
On November 20, 2007, the City of Mansfield executed a Waterpark Ground Lease and Operating Agreement with Mansfield Family Entertainment, LLC (MFE) to lease the property known as Hawaiian Falls. MFE is requesting the city’s consent to assign its lease interest to STORE Master Funding VIII, LLC (STORE). STORE Master Funding is also requesting to simultaneously sublease its interest in the lease back to Horizon Family Holdings, LLC (HFH) and HFH will then sublease its interest in the lease to MFE. Although STORE will be the tenant under the Ground Lease, MFE will continue to operate the waterpark and is required under the sublease documents to perform all obligations of STORE under the Ground Lease.
Justification
The Waterpark and Ground Lease Agreement provides in Section 18.1 that the Lease may not be assigned without prior written consent from the City.
Funding Source
N/A
Prepared By
Shelly Lanners, Deputy City Manager
shelly.lanners@mansfield-tx.gov
817-276-4265